Select the Default Company and Intercompany Accounts

You must identify default company accounts and intercompany accounts.

You must specify:

• Default company accounts for accounts receivable, current year profit and loss, and prior years' retained earnings
• Intercompany accounts for accounts receivable, accounts payable, suspense, and direct and indirect foreign employee type labor posting accounts. You may also need to select intercompany labor and expense revenue accounts and an intercompany cash-basis suspense account.

To select company and intercompany accounts:

1. Select the active company.
2. On the Navigation menu, select Settings > Accounting > Company in the desktop application.
3. Click the Accounts tab.
4. In the Company Accounts section, select accounts for accounts receivable, current year profit and loss, and prior years retained earnings. These accounts will serve as your default company accounts.
5. In the Intercompany Accounts section, select accounts for accounts receivable, accounts payable, suspense, direct and indirect foreign employee type labor posting accounts. You may also need to select intercompany labor and expense revenue accounts and an intercompany cash-basis suspense account.